FLYX News & Events

Jet.AI Inc. (JTAI) announced updates regarding its capital structure, financing arrangements and strategic flexibility in connection with a newly executed amendment to its previously announced Amended and Restated Agreement and Plan of Merger and Reorganization with flyExclusive (FLYX). The Amendment was executed February 11. As part of the Amendment, the parties agreed to eliminate the closing condition that would have required the Company to execute a new securities purchase agreement with a third-party investor, pursuant to which the Company would have issued the investor a warrant to purchase up to $50M worth of shares of a newly-designated series of preferred stock. The Company confirmed that it currently has sufficient positive net working capital on hand to satisfy the minimum cash closing condition required under the Merger Agreement without such a financing arrangement. The Company also confirmed that it no longer has any preferred stock outstanding. Following mutual discussions, the Company and the third-party investor agreed not to proceed with the $50M financing previously contemplated in connection with the flyExclusive transaction, which is no longer necessary given the Company's improved capital position. Additionally, in connection with the Amendment, flyExclusive has further consented to Jet.AI's ability to pursue certain additional merger and acquisition opportunities, provided that any such transaction is conditioned upon and would close only after the completion of the proposed merger with flyExclusive.The proposed transaction with flyExclusive remains subject to the satisfaction or waiver of customary closing conditions, and there can be no assurance that the transaction will be consummated on the terms currently contemplated or at all.

Jet.AI (JTAI) issued a letter to its shareholders highlighting key milestones and recent operational developments reached and its 2026 strategic priorities. "Over the past year, we put capital to work in three data center development projects, sponsored an AI infrastructure SPAC (AIIA), and continued progressing toward the sale of our aviation business to flyExclusive (FLYX). As of this writing, we have approximately $9 million of cash on the balance sheet and no debt. As we see it today, that capital provides a stable platform from which to operate and, more importantly, the flexibility to act... Owning Jet.AI stock is, in effect, a decision to back this portfolio of projects and the team responsible for sourcing and executing others of comparable attractiveness over time. By contrast, ownership of the SPAC we sponsor represents a commitment to a single, defined transaction. In the pages that follow, I'll explain how we think about the value of the company and where we believe incremental capital can earn the highest returns."